If you’re an active real estate buyer, at some point you’ll likely come across a probate sale. Properties sold in probate court can be a good deal, as they’re often priced lower than other homes. But there are risks, and probate sales often take longer than traditional real estate transactions.
As a result, as with short sales, some buyers keep the probate sales at bay and their real estate agents discourage them from getting their hopes up on actually buying a home through probate courts.
Here’s the story on probate sales in real estate.
Why a home is sold through probate court
A home is sold in probate court when someone dies intestate or without bequeathing their property. When that happens, the state takes over and administers the property’s sale. Read more »
Companies often hire employees from out of the area or transfer existing employees to another office. When this happens, a relocation package — or RELO as it’s known in the real estate world — may come into play.
Usually a third-party RELO company handles nearly all aspects of the employee’s home sale on behalf of the employer. In brief, RELO packages offer financial incentives to employees who must sell their current home and buy a new one in the city to which they’re relocating.
Here’s what you need to know about RELO packages.
Moving costs are usually covered
The RELO package you’re offered can depend on the type of job you have, how senior your position is, and/or how long you’ve been with the company. The more the company really wants you to take the job, or the higher up you are in the organization, the better your RELO package is likely to be.
At a minimum, a company will usually pay for your moving expenses — the boxes, the movers, and even temporary housing in the new city while you look for more permanent housing. Read more »
Especially during a time of flat or declining home values, I’m a huge believer in making smart improvements to a property. Not only can you customize the home to your requirements, you can build some equity to protect your investment from any potential future decline.
That said, I often recommend that buyers live in a new home for six months to a year before undertaking any major remodeling or home improvements. I’m not talking about necessary repairs to lighting or plumbing and such to make the home habitable. Rather, I’m referring to discretionary remodeling, expansions, and other improvement projects.
Many buyers today want their new home to be move-in ready, and having work initiated after you’ve settled in may seem inconvenient at best. But I’ve got my reasons for suggesting that you at least consider holding off on the big home improvement projects, and here they are:
1. Living in the home can change your plans
You may have grand visions for what you’d like to do to a home, based on its condition and your priorities at the time you buy it. But until you’re actually living there every day, it’s difficult to know exactly how you’ll use the house, what will work for you and what won’t. Ultimately, it’s this day-to-day experience with the house that should inform your home improvement decisions, instead of early notions of how you want your day-to-day experience to be. Read more »
As the holidays approach, I’m always asked the same questions:
- Should we keep our property on the real estate market or take it off?
- Do we list now, wait until after the first of the year, or hold off until spring?
In the past, conventional wisdom said you shouldn’t try to sell a home during the holidays. However, the old thinking doesn’t really apply any longer — thanks to the Internet and hectic lifestyles as well as traditional rules of supply and demand.
Whether to sell or not at the end of the year has to do with your particular situation and market. But in general, here’s some real estate advice about why you should consider listing your home during the holidays, or even in January.
Buyers are always looking for properties online
Historically, potential home buyers felt that the holidays were too hectic for home shopping. They were preoccupied with planning parties, cooking meals, buying presents or planning vacations. Going out with a real estate agent to look at properties conflicted with a busy holiday schedule. This made perfect sense — before the Internet, smart phones, and tablets came along. Read more »
